Bumi Capital Pte. Ltd -- Moody's: Bumi misses principal payment on its convertible bonds

Singapore, August 13, 2014 -- Moody's Investors Service says that Bumi Resources Tbk.'s (P.T.) (Ca stable) missed principal payment on its $375 million convertible bonds (CB, unrated), at the end of its grace period on 12 August 2014, constitutes an event of default under its indenture. Bumi has also launched a consent solicitation from CB holders to waive this event of default, as well as extend its maturity to 2018, reduce the interest rate to 6% from 9.25%, add the CB's to the common collateral pool on a pari passu basis with secured lenders, and amend other terms.

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